Hopewind(603063) 民生证券·2025-03-18 01:47Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 3.733 billion yuan in 2024, which is approximately flat year-on-year, and a net profit attributable to shareholders of 441 million yuan, down 12.28% year-on-year. In Q4 2024, the company reported a revenue of 1.422 billion yuan, a year-on-year increase of 25.05%, and a net profit of 187 million yuan, up 85.86% year-on-year and 90.04% quarter-on-quarter [1]. - The company's gross margin improved to 37.86%, an increase of 2.1 percentage points year-on-year, while the net profit margin decreased to 12.31%, down 1.16 percentage points year-on-year. The company effectively managed its expenses, with a period expense ratio of 23.58%, up 0.72 percentage points year-on-year [1]. - The company is expected to see growth in its revenue and net profit from 2023 to 2025, with projected revenues of 4.735 billion yuan in 2025 and 6.842 billion yuan in 2027, corresponding to growth rates of 26.8% and 20.3%, respectively. The net profit attributable to shareholders is expected to reach 619 million yuan in 2025 and 904 million yuan in 2027, with growth rates of 40.6% and 21.0% [4][5]. Summary by Sections New Energy - The new energy control board segment generated a revenue of 2.86 billion yuan in 2024, a decline of 5% year-on-year, with a gross margin of 33.67%, up 0.43 percentage points year-on-year. The company made significant breakthroughs in the photovoltaic sector, successfully applying networked inverters in large-scale projects [2]. Transmission - The transmission business segment achieved a revenue of 562 million yuan in 2024, a year-on-year increase of 17%, with a gross margin of 44.46%, down 1.11 percentage points year-on-year. The company has made significant strides in domestic substitution and international expansion, particularly in the mining and petrochemical industries [3]. Power Supply - The company continues to launch various power supply solutions, including high-capacity products that cover a voltage range from 400V to 35kV and capacities from 500kVA to 100MVA. The company is actively developing innovative solutions for special power supply systems and data center power systems [3].